I am totally amazed at how distressed the market is here in Phoenix. My brother got a "great deal" on a 4 BR 2 1/2 bath 2600 sq. ft. home built in 2006. The original owner paid $240,000 and died. In 2008 his son sold it to my brother for $160,000. Thinking he got a great deal, he put several thousand adding plantation blinds, upgraded light fixtures and fans and landscaping. Right now, similar homes have sold recently for less than $80,000. Most people are "upside down" and owe more than the house will sell for so many are facing foreclosures and some will just have to "walk away" if they are faced with having to move from the area. No one can "put their finger on" what caused such a downturn - - just supply and demand I suppose.
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